Axi is a brand name of AxiCorp Financial Services Pty Ltd, which holds an Australian Financial Services License (AFSL) number 318232. In early 2020, the Australian Securities and Investments Commission (ASIC) announced that it would suspend Axi’s AFS license for four months, but that AxiCorp Financial Services Pty Ltd had applied to the Administrative Appeals Tribunal to review and reject the ASIC’s decision to suspend the license. The tribunal postponed the suspension until the final review.
AxiCorp Financial Services Pty Ltd announced that the company had worked with the Australian regulator to agree on the terms of the license, as the regulator had withdrawn the proposed suspension of Axi’s AFS license. AxiCorp Financial Services Pty Ltd confirmed that on 15 February 2021 ASIC agreed to withdraw the proposed suspension of AxiCorp’s Australian Financial Services License (AFSL).In addition, AxiCorp declares that the suspension never took effect and that the company provided continuous service to its customers throughout the process.